As they say, love me or hate me, as long as you get my name right...which you did.Sorry Skoob, but you have out done yourself with your depth and extent of sarcasm. It says more about you than you think it does, and none of it is good!
Thanks
As they say, love me or hate me, as long as you get my name right...which you did.Sorry Skoob, but you have out done yourself with your depth and extent of sarcasm. It says more about you than you think it does, and none of it is good!
For someone who attacks me for making assumptions about others, you just made assumptions about me. Funny how hypocrisy works eh?Why are you always going on about communism, Skoob? Do you feel somehow at risk? How is it you know the OP lives in a tent, or are you neighbours?
As far as your understanding of real-estate, you may actually be wearing blinders. I don't profess to be the expert that you think you are. However, I have bought and sold more land than I suspect you have. I have bought land and built more properties, both commercial and residential than I suspect you have. I have built and bought and sold more buildings than I suspect you have. Through all of that, the one thing that might summarize how real-estate works is that what is required is a willing buyer and a willing seller, period. If you speculate when buying in the hope that the property will appreciate over the longer term, that is a very good and mostly proven to be correct idea (if one can afford to wait long enough). That is, however, just a small part of how real-estate works. You could say instead, buy low and sell high and nobody could argue with that.
You however, seem to be the kind of person that might say, "I will make it up on volume", ie. buy a product at $1 and sell for $0.50 and make it up on volume.
Nobody is worried about a commie invasion, skoob.btw Communism is a risk to everyone
Nothing is "free" silly...that's just a socialist term for "someone else is paying for it with their money"... 56% tax in Denmark...and you think education is free? Lol!
Nothing is "free" silly...that's just a socialist term for "someone else is paying for it with their money"... 56% tax in Denmark...and you think education is free? Lol!
View attachment 334981
https://www.statista.com/statistics/1455011/highest-statutory-income-tax-rates-europe/#:~:text=Denmark is the European country,taxation band of 55.9 percent.
Are you suggesting that developers build stuff for people that will buy it?
Stop the presses! Forget about the Theory of Relativity, what you just outlined is revolutionary thinking!!! Wow!
Imagine someone investing in something that will make money based on demand.
You...you are going places kiddo!
Can you also share your knowledge about how that thing they call "fire" works? And then if you have a couple extra minutes, that round thing they call a "wheel".
Sorry if that takes you away from your deep-thinking time.
Nothing is "free" silly...that's just a socialist term for "someone else is paying for it with their money"... 56% tax in Denmark...and you think education is free? Lol!
View attachment 334981
https://www.statista.com/statistics/1455011/highest-statutory-income-tax-rates-europe/#:~:text=Denmark is the European country,taxation band of 55.9 percent.
Toronto also legalized laneway housing which helps.Yes, you are making his point!
The developers built what the market demands. And the highest market demand was from foreign investors and REITS/investor groups, who bought these housing units as capital preservation/gain type investments, not as housing. No intention to rent them. Just a place to park or place money for foreign owners who see Canadian real estate as the safest bet to park some of their estate. Or investment management companies who seek individuals to invest in Real Estate backed investment funds, earning a healthy commission and ongoing management fees in the process.
And while that seems all fine and dandy, it has created two undesirable outcomes.
1. A shortage of housing units available to occupy because the investment was always intended as a capital preservation or long term (or short term flip) capital investment. These foreign and investment fund buyers never even thought of rental income. They didn't think of nor were diissuaded from or about troublesome tenants, Professionally managed rentals have very low rates of default as the tenants are screened and there are procedures in place to immediately bring specific actions into play whenever rent is not paid or other problems arise. As opposed to mom and pop investors who try to afford an investment they can only afford IF their tenants pay on time and tey have NO other problems. And when they do, they have no idea how the LTB works and tend to believe the sob stories or threats of professiional fraudster tenants.
So these "housing units" may as well be investments in pork belly futures for all they have to do with housing.
2. This gold rush has created a separate economy and currency within our country. The money you earn from work and buy groceries, car, clothes etc with and the housing economy. Where it is no longer possible for a family earning $100,000k to save enough after tax to save for a down payment, then qualify for or afford a million dollar home. So unless you got in earlier, have parents to lend or give you sufficient cash for a down payment, or an inheritance, the dream of buying your own home by a decent , normal job is not a reality.
3. Therefore, those people are stuck in the rental housing market. Increased demand for a pretty much finite (see capital investors above) number of rental housing units has led to increasing rents.
My rough, not fully fleshed out, solution would be to ban ownership of Canadian property from non-resident foreign nationals. There are plenty of countries that you have to be a citizen of to own real property. After all, we are selling off the land of our country to foreign interests.
Toronto's Vacant Home tax is a good start. As are Federal an evolving system of taxing capital gains on foregn nationals and withholding taxes at the lawyer level. Provincial tax disincentives like those in BC to try to get a hold on the tidal wave of foerign investment that has caused housing to run completely out of control and resulted in very low rental opportunities.
Heck skoob, your idol Trump purpose built his gold plated gaudy condos specifically to attract wealthy Russians to launder and park the money they stole from their fellow Russian countrymen. This sites could have been used to create smaller, less expensive and attainable stable housing for his "base". Not saying anyone shouldn't invest and/or pay less tax within the laws etc ... but this is a root cause of our housing crisis.
Another solution would be to allow single family homes of a certain size to have basement apartments or small in-law suites as a matter of right, and over riding the existing zoning by laws prohibiting them.
Just some thoughts, not cut and dried.
That would just make everything worse.Simple fact is that Canada is neither densely populated nor densely developed for industrial/commercial/agricultural purposes. To have a shortage of development land in Canada is a testament to our own bureaucracy, not to any true scarcity. Our shortage has been artificially created through government policy. Building purpose-built permanent ghettos would just crystallize the problem, rather than resolve it.
Let builders build to meet the demand, in all strata of the market, and there will be supply all the way down the real estate ladder, prices will be moderated, and more people will be able to share in the Canadian dream.
Yesh.Simple fact is that Canada is neither densely populated nor densely developed for industrial/commercial/agricultural purposes. To have a shortage of development land in Canada is a testament to our own bureaucracy, not to any true scarcity. Our shortage has been artificially created through government policy. Building purpose-built permanent ghettos would just crystallize the problem, rather than resolve it.
Let builders build to meet the demand, in all strata of the market, and there will be supply all the way down the real estate ladder, prices will be moderated, and more people will be able to share in the Canadian dream.
Yes, we all have heard that Canada is sparsely populated. And the population is concentrated in places where people want to live. Houses are cheap in Kirkland Lake. zEven Windsor and Sault Ste Marie. But there is low demand.Simple fact is that Canada is neither densely populated nor densely developed for industrial/commercial/agricultural purposes. To have a shortage of development land in Canada is a testament to our own bureaucracy, not to any true scarcity. Our shortage has been artificially created through government policy. Building purpose-built permanent ghettos would just crystallize the problem, rather than resolve it.
Let builders build to meet the demand, in all strata of the market, and there will be supply all the way down the real estate ladder, prices will be moderated, and more people will be able to share in the Canadian dream.
That's even nicer than than the perma-ghettos that you want governments to build and permanently subsidize.Yesh.
Bud's beloved nostalgist neo-housing-ladder theory of housing today after decades of developer/investor/speculator monetization abuse, piracy and unrestrained greed.
View attachment 335119